Sigma Signals

No signal changes this week but quite a lot of “noise.” Russia’s invasion of Ukraine continues to dominate the headlines and it appears that NATO will be content to “bleed” Russia doing “whatever it takes” to keep Russia from prevailing. The New York Times recently released its first poll of the coming election season and this topic can be expected to suck all of the air out of the newsroom for the next few months. Capital markets will trendlessly ebb and flow on the political/policy news cycle, until the mid‐terms are over in November.

Bob Bilkie, CFA